SHARECOMMENTMORE

JACKSONVILLE, Fla. -- Johnny Mitchell joined the ranks of a home buyer after looking for several months and having to pay above the asking price for a townhome in Biscayne Bay.

Mitchell faced what is becoming more common as a dwindling supply of homes is resulting in multiple offers from prospective buyers.

"From experience dealing with other homes we initially put a bid in, I thought bid might have been too low," said Mitchell who had the highest offeron a homejust on the market two days with multiple offers.

The Northeast Florida Realtors Association reports 2012 ended strong with 17,718 closed sales representing a 6% jump over the previous year.

Another 6% jump is also being reported in the median sales price of a home which last year was $133,500.

Helping drive the market is the combination of low interest rates and a five month supply of homes. A year ago the inventory of homes waseight months.

Some realtors fear the current climb in prices might be short lived sincethey believe more foreclosures are expectedto become part of the market.